Current Affairs for BANK, IBPS Exams 02 March 2016

Current Affairs for BANK, IBPS Exams

02 March 2016


Document for Lalit Modi’s extradition submitted

  • Enforcement Directorate (ED) officers submitted documents for the extradition of former cricket administrator Lalit Modi to the Prevention of Money Launder- ing Act (PMLA) court.
  • Interpol had asked for certain documents from ED to be sent to the London court, as a requirement for Lalit Modi’s extradition. It is part of the procedure followed as per the extradition Act.
  • Despite several efforts, Interpol had not issued a Red Corner Notice against Mr Modi.

Supreme Court questions the validity of All-India Bar Examination

  • The Supreme Court on Tuesday questioned whether the conduct of the All-India Bar Examination (AIBE) is a violation of the fundamental right to practise a profession, leaving the Bar Council of India in the dock.
  • Law graduates are required to clear the AIBE within two years of their enrolment in order to practise law. Its rules notified in 2010, the AIBE was advertised by the BCI as a positive step to improve the quality of the profession.
  • “To say that one has to pass an examination for practising as an advocate will negate his or her right to profession.
  • “He has a fundamental right to practise. Conditions can’t be put after enrolment. If, at all, it is required, the condition should be put at the enrolment stage,” the Bench said.
  • The apex court has called for Law Commission reports on the issue of holding such an examination and posted the case for March 2.

India would ask questions about Pak team to probe Pathankot attack

  • As the decks were cleared for the visit of Pakistani investigators to India to probe the attack on the Pathankot airbase, India will ask the neighbouring country about the “composition of the team” and the “contents of the evidence required by them.”
  • India has accused the Pakistan-based outfit Jaish-e-Mohammad (JeM) of planning and executing the attack on the airbase on the intervening night of January 1-2.
  • The decision to let the Pakistani team access the airbase, a highly sensitive defence installation, would be taken by Prime Minister Narendra Mo- di and National Security Adviser Ajit Doval.
  • After India gave evidence, Pakistan registered a First In- formation Report (FIR) a few days ago. The Counter Terrorism Division (CTD) of the Pakistani Police arrested three suspects.
  • The three accused arrested by Pakistan have been identified as Khalid Mahmood, Irshadul Haque and Muhammad Shoaib. They had allegedly facilitated the attack.

:: India & World ::

First Raisina Dialogue started in New Delhi

  • The Raisina Dialogue conference, attended by speakers from 40 countries, is being seen as the government’s attempt to rival conferences around the world that attract global players such as the Shangri-La dialogue in Singapore, and the Munich Conference on national security.

  • Speaking at the inauguration, Ms. Swaraj and her Bangladesh counterpart Mahbboob Ali spoke of the importance of building road and rail connectivity through the “BBIN” grouping of Bangladesh, Bhutan, India and Nepal.

  • Tensions between India and Pakistan have held back South Asian integration, said former Sri Lankan President Chandrika Kumaratunga, calling for greater South Asian cooperation and economic integration.


Fight against Sunni militancy on cards in Iraq

  • Recent gains against the Islamic State (IS) in eastern Syria have helped sever critical supply lines to Iraq and set the stage for what will be the biggest fight yet against the Sunni militancy, the battle to retake Mosul.
  • U.S.-backed forces had begun laying the groundwork for the fight by moving to isolate Mosul from the IS’s de facto headquarters in Raqqa, Syria.
  • Kurdish and Arab forces retook the town of Shaddadi in eastern Syria last week, cutting of what Defense Secretary called the last major artery between Raqqa and Mosul.
  • Retaking Mosul could also sharply demoralise IS fighters, raising questions about whether the group could still credibly call itself a caliphate.
  • The long fight by Iraqi security forces to take back Ramadi from the IS, which concluded in December, offers a preview of the battle to come over Mosul.
  • Advancing inch by inch, Iraqi forces, backed by U.S. airstrikes, took more than five months to gain control of the city centre of Ramadi, the capital of Anbar province.

Constitutional restrictions makes it difficult for Suu Kyi to get countries top post

  • Myanmar’s Parliament will bring forward a vote for the next President to March 10, it was announced on Tuesday, leaving little time for Aung San Suu Kyi to strike a deal to let her take the top office.
  • The country’s democracy figurehead is currently banned from becoming President under the junta-era Constitution.
  • Ms. Suu Kyi has held several rounds of closed-door talks with the powerful military since her National League for Democracy (NLD) party won crushing victory at elections.
  • But news that the presidential vote has been brought forward by one week suggests negotiations have failed to reach a deal to clear her path to power.


Faced by backlash from salaried class government to look into EPF tax

  • Faced with a strong and immediate backlash from the salaried class, political parties and trade unions, the Prime Minister’s Office stepped in to take stock of the issue as well as the intent behind the proposal early in the day, holding a fairly long parley with Finance Minister.

  • By noon, the revenue secretary had clarified in an interview to All India Radio that the tax would only be applicable on interest income paid on EPF savings and if an employee chose to buy an annuity with 60 per cent of his EPF account balance at retirement, it would be tax-free.

  • This position, however, changed further, with the finance ministry issuing a clarification.

  • Clarification stated that the idea to tax interest income was only based on some representations received today and will be considered by the FM before passage of the Finance Bill, along with other suggestions on the proposal.

  • When NPS (created in 2004) was not there, EPF was given the exempt-exempt-exempt (EEE) tax status mainly for the 3 crore people, not the 70 lakh high-income people who were allowed to join EPF on a voluntary basis.

  • An investment instrument with EEE status means that all contributions, the return on them and the withdrawal of the accumulated corpus are tax-free. The NPS so far has an EET regime that taxes only withdrawals on retirement.

RBI unlocked additional capital to Indian banks

  • The Reserve Bank of India (RBI) revised norms on capital recognition, making available an additional Rs.40,000 crore to Indian banks.
  • The move comes at a time when public sector banks are facing pressure on their profitability due to a sharp rise in non-performing assets, which is eroding their capital base.
  • The announcement is a big relief for, mainly, public sector banks, after finance minister Arun Jaitley announced in his budget speech a capital infusion of Rs. 25,000 crore for the fiscal year starting in April.
  • RBI said banks can recognise foreign currency reserves arising due to translation of financial statements of foreign operations to the re- porting currency as common equity tier-I (CET1) capital.
  • Deferred tax assets arising due to timing differences may be recognised as CET1 capital up to 10 per cent of a bank’s CET1 capital, it added.

Agriculture minister believes budget will help in getting 4 percent in agriculture

  • Union Agriculture Minister Radha Mohan Singh said the Union Budget would put the agricultural sector towards path of progress and would help in addressing agriculture distress and achieve 4 per cent growth.
  • “Budgetary provision of Rs.35,984 crore for Agriculture and Farmers Welfare Ministry – 2016-2017 manifests that NDA government is committed to villages, the poor and farmers,” Mr. Singh said.
  • “Governments positive steps coupled with a good monsoon could help agriculture sector grow at 4 per cent in the next fiscal year,” he added.
  • He said the government aims to double the in- come of farmers in the next five years.
  • “We also intend to multiply yield per unit, a better return of the products related to farmers,” he said.

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